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Brom they are still a large company but I would not put them as a tier 1. I am sure DW will say they are and it’s impossible to argue really. I would have preferred a large company with Alaskan experience but at this stage all they are doing is providing cash.
More detail required on the ability of Prem to get into B and C areas, 15m for 50% seems incredibly cheap to me, especially if we have proven oil in area A.
Dread to think what we might have to give away to get somebody interested in Icewine.
Still we have a drill to look forward to and we will be very unlucky to come up with nothing again.
Absolute shocking farmout deal and the market knows it too. Anyone who thinks this is a good deal wants their head testing. I used to look after the premier account in the UK and deal with falklands a while back and know what a shambles they are. To say it’s transformational is an absolute joke.
Yes, more than one drill would have been better. Let’s hope Dave is still talking to others particularly about HRZ.
They have a presence all over the world Brom except Alaska , until now. Their RNS was timed at 7am today too which explains our wait.
spinefx, you have got mail
well no one mentioned Premier as a potential farminee, do not know much about them will have to do a bit of reading.
but no matter we have a drill programme this coming winter although only one drill, had hoped for more.
Perhaps Yukon will surprise.
https://en.wikipedia.org/wiki/Premier_Oil
At first glance Premier been around a long time and has mixed it with the big boys, sure will bring plenty of nous.
Have they done anything with shale, don't think so.
I am putting on a brave face at the moment, if you check previous posts I was trying to be far more realistic than most, this FO is however at the low end of my expectations. I was hoping for some money up front to stave off the shouts of there needs to be cash raised, we will have to see, but we don’t have enough to do anything other than survive for a year and cannot push forward on our own. 1 x drill is also disappointing if it comes up dry then we are stuffed I would have liked another drill in there to at least provide some fall back.
Still this is better than no FO and the company moves forward, what we really need is some oil on the surface and hopefully Premier will help that happen.
Staying in to the end.
It is outrageous that they halt asx so no one gets spiked and LSE takes the brunt of it. Seriously!!! complete wet fart of an RNS.
Leamo
Do you see the market confidence???
No neither do I
Hey Bits.
If you had any credibility before (big if as you are just a troll) then it's gone now...
Thanks Spinefx, I did click the link previously, I’ve seen the highlighted areas but no detail on the acerage unless I’m missing something?
ldrs1,
http://www.rns-pdf.londonstockexchange.com/rns/8514J_1-2019-8-21.pdf
Soz, acerage not average!
Anyone cast any light on the average covered by A, B and C?
SeaHawk,
The link on the bottom of the announcement shows the areas A,B,C
http://www.rns-pdf.londonstockexchange.com/rns/8514J_1-2019-8-21.pdf
88 Energy Managing Director, Dave Wall, commented "We are delighted to be partnering with a company of the technical calibre of Premier. Premier has a strong track record of delivering projects through to production and is an excellent addition to the Joint Venture. The deal itself strikes a good balance between cultural fit, value and the meaningful working interest retained by 88E for its shareholders. The Charlie-1 well has been designed to test all of the prospective horizons identified in the Western Play Fairway, giving benefit usually only derived from a multi-well program“
It's as good as we could have expected I'd say.At least it's a deal.
PO are putting a toe in the water. Their RNS states that this is an entirely new area for them as they seek to diversify their portfolio. Successful first well could be massive for us as they will want more from us.
Still hold a few here for the last 2 years. Going to let them go on the Bell, timelines growing and growing and it’s not the best deal I’ve ever seen. Shame could have been oh so different. SL
Top up opportunity don't think i will though
Would have been nice if DW had bothered to explain the different areas so that we would understand what we have offered up. Looks to be what we know as Indigo which would still leave us with a majority of the oil. I was expecting us to give up almost all of the conventional so this explains why it’s only one drill at the moment. Come DW tell us what area A consists of.
Citytilidie
Check the market to answer you last question
Leamington
If you think it sounds like a good deal just watch the red sea appear at the bell
Again another dissapointing RNS
So “transformational “ eh Dave
And no rabbit out of the hat, yet again.
Brom Jiddy over to you!!
The price rose yesterday on expectations of a deal ... the deal is done ...I’m going for 1.25 today
“Bigger fish to fry” mmm, think you’ve hooked a tiddler DW !